Anadarko Petroleum Corp. has signed an oil and gas exploration and production-sharing agreement with Qatar Petroleum (QP) for offshore block 4.

At a ceremony in Doha, the agreement was signed by the Second Deputy Prime Minister and Minister of Energy and Industry, Abdullah bin Hamed Al Attiyah, and Jim Emme, Anadarko vice president of Exploration and Business Development.

The 3,132 sq km contract area is located approximately 40 km from the northern coast of Qatar and lies adjacent to the Anadarko-operated Al Rayyan oil field in block 12. The agreement call for an initial five-year exploration phase during which Anadarko, in partnership with QP, will undertake a work program comprising technical studies, seismic reprocessing, acquisition of 2-D and 3-D seismic data, and exploratory drilling. Anadarko holds a 100% interest in the block.

"Block 4 is an important addition to Anadarko's existing portfolio of exploration opportunities in Qatar," Emme said. "The block is situated within some of the world's most prolific petroleum systems, and has remained relatively unexplored for the last 30 years. Qatar has become a focal point for growing our strategic asset base in the Middle East."

Anadarko acquired its position in Qatar through the purchase of Gulfstream Resources in 2001. In 2002, with the purchase of BP's interests in blocks 12 and 13 in Qatar, Anadarko increased its working interest from 65% to 92.5% and became the operator. Anadarko also holds a 49% interest in block 11, operated by Wintershall. With the addition of Block 4, Anadarko will hold interest in over 1.5 million gross acres in Qatar.

05/18/04